Chevron to Leave California for Texas, as Regulations Mount in Golden State – WSJ

Chevron CVX -3.28%decrease; red down pointing triangle is relocating to Texas, deserting California, its home state for more than 140 years, where the business climate has soured for oil companies.

The second-largest U.S. oil company said Friday it plans to move its global headquarters to Houston, the U.S. energy industry capital. Chevron has built a stronghold of about 7,000 employees there, partly from a matriculation of executives and white-collar workers decamping from California. 

The relocation plans come weeks after billionaire Elon Musk said X and SpaceX would move their headquarters to Austin, out of California. Musk had moved Tesla s headquarters to Texas a few years ago. Several other large U.S. companies, including Hewlett Packard Enterprise and Oracle, have moved from blue states such as California to red states such as Texas.

Chevron CEO Mike Wirth said the company wants to move its employees to one central hub. He also acknowledged the company has been vocal about its differences of opinion with California on energy policy. 

via www.wsj.com